Loan sharks start out friendly, but their behaviour can quickly change when payments are missed, and they will often resort to threats of violence or blackmail to get their money back. If this is happening to you, you are not alone! and like others, you could find yourself being intimidated and end up living in fear if you borrow from the wrong person.
Have you borrowed or are you looking to borrow money? Here are a few signs you may be lending from a loan shark:
- They will offer you a cash loan
- No paperwork or information to read
- Huge amounts of interest or APR added to your loan
- Threatening behaviour
- They have taken your bank card, benefit card, passport, watch or other valuables from you
If you borrowed £100 would you really want to be paying back £1,000?
Always make sure you know what you are getting into before you borrow money, you know how much you will have to pay back and by when and what happens if you can’t pay on time.
“I needed money to fix my car fast. I was refused credit from my bank and through word of mouth, heard about this lender. Interest increased every month, we had to sell many of our possessions including the car that I originally needed the loan for. This was one of the worst years of my life….night times were terrifying…they threatened to beat me up in front of my children”.
Lenders have to be licenced. If they are not you don’t have to repay. You can check if money lenders are registered by visiting register.fca.org.uk
Charter is here to help! For advice on how to borrow as cheaply and safely as possible contact Charter’s Moneysavers team on 01633 678514.
If you are worried about loan sharks contact the Wales Illegal Money lending Unit. Call the 24 hour hotline on 0300 123 3311 or e-mail firstname.lastname@example.org